As an Insurance agent, I am always asked “how do I keep my auto insurance cost down”? In this article, I am going to share some ways and tips on how to do this. Some of them are obvious as not get speeding tickets, while others such as your credit score, not so much.

-Avoid getting moving violations

This is probably the most obvious one. Don’t speed, don’t run stop signs and drive safe. This not only affects your pocket book, but also your personal safety. Over 30,000 people die each year in car accidents. Also, I have seen 2 point defective vehicle tickets drive insurance cost up. Insurance companies look back anywhere from 3 to 5 years on your driving record. I’ll also warn you that DUI’s and other serious violations turn you life upside down and you will double your auto insurance rate.

-Maintain a healthy credit Score

Studies have proven that people with good or high credit scores are less of a risk for insurance companies. They file less claims, are at less risk to get into accidents and pay their bills on time. Overall, a better credit score equals better premiums.

-Take advantage of ALL the insurance companies discounts

Auto insurance companies offer all kinds of discounts. Multi-car, Multi-driver, Multi-policy, good student, owning a home, accident free, college degree, electronic payment, paperless and many more. Make sure you talk to you agent and that you take advantage of all the discounts offered.

-Carry higher deductibles

If you have a brand new, 50,000 vehicle you just drove off the lot, you might want to consider carrying a higher deductible for your Comp and Collision. On a vehicle with that much value, I would personally carry no lower then a 1000 dollar deductible. Over a 2 year period, you could save hundreds of dollars if not more.

-Avoid filing claims

Claims drive up insurance costs. This comes down to safe driving. Drive smart, don’t run red lights, stop at stop signs and quit tail gate-ting the driver ahead of you.

Also, if you have a $500 deductible and back up into a pole and acquire 700 dollars of damage to your car, it might be best to pay that extra $200 out of pocket. The cost of your insurance going to after the claim, may be more costly then the $200. In the case where a lot of damage occurs, file a claim.

Only in extreme cases would I recommend this. Overall, I don’t recommend this at all. If get into an accident, these are the most important coverage’s on your policy. You can live with a higher deductible, but you can’t live with either yourself or someone else’s 100,000 dollar hospital bill. By the way, if you run into an agent or company that recommends this, you should ask yourself if you should be doing business with them in the first place.

-Do you need Med Pay?

If you have a good health insurance plan, you most likely don’t need this coverage. Though the cost to carry med pay is not very much. I have very few clients who reject this coverage due to cost.

Overall, I have provided a basic plan on how to keep your auto insurance cost down. My final point is to shop around on your insurance. If you have a broker or agent you really like, ask them to do an insurance review.

-Please fill out the form as best as you can. Please make sure all household members and drivers are listed in the drivers section. Please note: you are NOT binding or purchasing insurance. Please give us one business day, to process your quote.

Desired Effective Date(required)

Your Full Name (First, Middle Initial, Last)(required)

Phone Number(required)

Email(required)

Complete Physical Address:(required)

How Long At Address?(required)

Previous Address(If at current address for less than 1 year)

Your Date Of Birth (mm/dd/yyyy)(required)

Are You Married?(required)

SSN? (Not Required)

Current Industry Employed In(required)

Do You Have Car Insurance In Force?(required)

If Yes, How Long (mm/yyyy)

If Yes, What Company?

If Yes, What Are Your Current Liability Limits?

My Insurance Has Lapsed For More Than 30 days.

What Liability Limits Do You Desire? (25/50/15, 50/100/25, 100/300/50, 250/500/100 or 500 CSL)(required)

I Am A Homeowner

-Driver(First & Last Name) -Date Of Birth(mm/dd/yyyy) Married?(Y/N)

Please List All Violations & Accidents For All Drivers For The Past 5 Years. Include Month, Year & Driver(mm/yyyy)

Is Comprehensive And/Or Collision Coverage Desired On Any Of The Vehicles? If So, Vehicle & Deductible Amount?(250, 500, 1000)

My Vehicle(s) Also Have A Loan Or Lease

My Vehicle(s) Have Prior Damage

Glass Coverage Desired(Some Companies Don't Offer Glass)

Towing Desired

Rental Car Reimbursement Desired

I Am Also Interested In A Home Insurance Quote

I Am Also Interested In a Commercial Insurance Quote

Addtional Comments

By Sending this, I hereby Certify All Information To Be Correct, And To The Best Of My Knowledge. I Have Also Listed All Drivers & Household Members. I Also Understand That I Am NOT Purchasing or binding Insurance.

Insurance companies require a lot of information these days. One of them is your social security number and getting an insurance score. An Insurance score is acquired by looking at your credit report. Even though there are no points taken away for this inquiry, it will affect the price of you insurance overall.

Why Look At Credit?

Studies by regulators, universities and independent auditors show that someones credit score, is a strong and indisputable way to determine if someone is going to file an insurance claim in the future. It’s also proven by personal experience at my insurance agency, Someone with a higher credit score is always going to get a lower premium. They also file a lot less claims from what I have seen too. Insurance companies also report that 2/3 of their clients get a lower rate, due to credit. So overall people with good credit like other things, will receive a better price and favoring.

Am I Going to Pay A really High Rate, Because I Have Bad Credit?

No. Just because someone has bad credit, doesn’t necessarily mean they are going to get ripped off. With our agency being independent, if one company has a higher rate due to credit, we will shop with another that doesn’t. There are companies who specialize in insuring people with bad credit. They always usually have a more competitive rate versus the ones who don’t. It would also be a good idea to try to clean up your credit. There are many ways to do this. That way you don’t have worry about this in the future.

What Is An Insurance Score?

An Insurance score is obtained by looking at your credit report. It is not considered a credit check, nor are any points taken away. The reason is because you are not trying to truly obtain credit and insurance is pre-paid. Some insurance companies might look at all 3 bureaus, some might just look at 1. Once an Insurance Score is received, it is used as one of many factors, in determining someones insurance premium.

What If I Try To Hide My Credit From An Insurance Company?

“So I know I have bad credit, is trying to hide from the insurance company going to get me a better rate?” The answer is No. As a matter of fact when an insurance company can’t find someones credit, they are automatically going to tier you in the worst Insurance score in their system.(this is not reported to the 3 bureaus.) For example if an insurance company uses an A to Z insurance score platform, you will be placed as a Z. So honesty is the best way to go.

Will An Insurance Company Still Get An Insurance Score, Even Though I Don’t Give them My Social Security Number?

Yes, they will most of the time. They do this through you first, middle and last name. They also do this by using your address, date of birth, previous address and other factors. It is also clear to the agent our company, if an Insurance Sore is received. If one is not received, the system will clearly notify that there was “no-hit”.

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Our agency is family based and understands insurance. You will work one-one-one with an experienced agent who will find a policy that best fits your business needs. We believe in “good old-fashioned customer service”.

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We only write insurance with companies that have an excellent claims process. A claim can be complicated, but our companies will treat you fair and keep the process as simple as possible.

Personalized Service

Our agency is family based and understands insurance. You will work one-one-one with an experienced agent who will find a policy that best fits your business needs. We believe in “good old-fashioned customer service”.

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Please contact us during normal business hours at 1-888-270-0995. Or use our quick form and we will contact you right away. You will work with a licensed experienced agent, who will work with you, to get a free competitive quote.

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Under insured or uninsured motorists is available on all policies.

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When shopping for auto insurance, you have to provide a lot of information. The reason for this is an insurance company needs to properly assess you as a risk, and to find a car insurance policy that is best for you. The questions an insurance company asks is to assist in pre-qualifying an insurance policy. At this time, a good insurance agent will take time to make sure your coverages are adequate for what you need.

To explain why insurance companies and agents ask this information, we are going to explain in a Question & Answer format.

Do You Currently Have Insurance?

Answer: Helps assess risk of driver. Statistics show people who have previous insurance are a lower risk to insure than someone without insurance. If you have previous insurance, you will most likely get a better rate.

How long have you had insurance with the current company?

Answer: Drivers who have maintained insurance for a long period are a lower risk to insure. Its is proven that people who stay with their previous company for a long period also stay with a new company for as long. Drivers with 3 years with the same company are going to get the best discount.

What company are you with?

Answer: The agent or company needs to know if you are with a standard company or a non-standard company. Naturally a standard driver, with a standard company, is less risky to insure. Therefore they will most likely get a better rate.

What are your current liability limits?

Answer: People who are underinsured are a higher risk to insure. If you don’t carry at least 100/300 liability limits or higher, your current policy is lacking coverage. If you carry 100/300 or higher, you are less of a risk to insure, therefore you will most likely get a better rate.

Overall, insurance companies ask these questions as a determining factor on how they will set up an insurance policy and how much premium needs to be charged. If you have had continuous insurance for 3 years with 100/300 limits or higher with the same company, you are going to be a prime risk when shopping around on auto insurance. If you would like an auto insurance quote, please contact us.

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Our agency is family based and understands insurance. You will work one-one-one with an experienced agent who will find a policy that best fits your business needs. We believe in “good old-fashioned customer service”.

Get A Free Business Insurance Quote

Please contact us during normal business hours at 1-888-270-0995. Or use our quick form and we will contact you right away. You will work with a licensed experienced agent, who will work with you, to get a free competitive quote.

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Disclaimer:
All information provided by Mark & Karen Schneider and The Ahbe Group and Denvers Insurance LLC is for information purposes only, and does not provide legal advice. When advice is given, we are not held responsible in any way or form or held liable for any not foreseen consequences, future outcomes, or any other type of events. We are not responsible for any information given that could be wrong, not true, or misguided. When you read this blog, you automatically agree that we are not legally held responsible for any advice given.
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